Medical Imaging Solutions International
March, 2013 - Doug Holloway never considered himself to be the business owner type. With more than two decades of medical device commercial sales experience, he knew his strengths were in understanding and meeting the needs of his customers in the medical imaging marketplace, but little else in terms of running his own business.
But when he and partner Doug Stantial started Medical Imaging Solutions International in Pymouth, he knew he needed help. Medical Imaging Solutions focuses on the sale of medical syringes used for injecting contrast media during CT, MR and Cardiac Cath procedures.
To get the help needed, Holloway reached out to the Michigan Small Business & Technology Center at Schoolcraft College in Livonia. Center Director Tammy Thomson and business counselor Meri Dembrow were eager to help Holloway achieve his goals. Dembrow is known for being direct and it turns out, being direct is what Doug and his team needed to hear. She quickly helped turn two salesmen into business men and success followed.
“The SBTDC had been a great resource for us,” said Holloway. “Meri quickly educated us to the full scope of the operations needed to run a small business.”
Meri helped Holloway reformat their business plan in such a way that banks would find it appealing. They had to think like bankers if they were to secure capital and thinking like bankers was not easy. As salesmen, more growth and more sales were only good things. But Meri explained that growth needed to be managed and that to grow sometimes you need to borrow more. She forced them to make sales projections and budgets – and stick to those numbers – and compare actual sales against projections, something they were not used to doing.
“They are committed to succeeding,” said Dembrow. “They are dedicated and willing to listen to new ideas. That is often rare in business.”
Dembrow also helped locate a Chief Financial Officer for Medical Imaging Solutions, as Ryan Stonier was working as an instructor at Schoolcraft College when Dembrow thought he would make a good addition to the group. After a trial run, he is now part of the management team for the company and having a finance person on board has helped Holloway and his team in many ways, the most important being the ability to deal with bankers.
“With two commercial guys and one finance guy, we have a healthy dynamic in place,” said Holloway. “Having Ryan on board lets us focus on our areas of expertise and allow him to talk his language to the bankers.”
It was Thomson who suggested that Holloway enroll in Growth Venture, an intensive 10‐week business growth program utilizing the proven Fast Trac curriculum.